“Chasing two rabbits and catching none” is a passe. For those who like to play it double, the market is up for the show .Part-time entrepreneurship opens the avenues for those who do not want to take the risk of losing full time salary but also have the fire to start something of their own.Be it to supplement the income ,to pursue the passion or simply out of economic necessity, this gamut comprise of 15-20% of American workforce.
Launching part-time entrepreneurship is the ultimate avant-garde for those who can handle the pressure of setting up a company while juggling well on the current one. However, the perks of being a part-time entrepreneur are sufficient to lure the vexed full-timers:
- It opens the chambers to fulfil the skills that might not be tapped in the full-time job.
- Limited risks as compared to full-time plunging.
- Reduced pressure to generate revenue and roll cash flow because the income from full-time job will manage the income.
- Luxury to revise business models and less cascading effect of errors.
- Slow growth pace is allowed to understand the dynamics of the market.
For those who decide to keep their current job up and indulge in complementary kicks as well,here are some recommendations to make the part-time business worth a shot :
- Channelize your time.
Building a start-up is no child’s play, be it full or part time. Constant dedication, hard work and positivity are required to make both ends meet. Set a schedule to keep your current job and part-time venture separate. Frame your day in a way which caters to the current workload and contributes to your start-up as well.
- Find a trustworthy co-founder
Sharing workload with partner can be less strenuous and draining than handling the entire process single-handedly. A co-founder can help formulate ideas, debate towards better decisions and share workload so that a balance is maintained between both the worlds. Finding the one who also is a part-time entrepreneur will strike a fortune.
- Come clean with employer’s policies.
Many companies make their employees sign a non-compete agreement which states that the employee cannot utilise their job skills for anyone but the employer. Go through your company’s policies before jumping into the venture so that the legal eggs are in a row.
- Smart selection of business idea
Study the market well.Many part-time businesses invest in an emerging fad with cut-throat competition and end up being a drop in the ocean.Doing business part-time gives one the independence to play with risky yet hopeful options. Utilising your proclivity towards the choice of your idea is the apt goose to chase.
- Cast the future of the venture
It is easy for part-timers to pull the shutters and call it quits, but that does not mean one has too. Timely review the progress and future of your start-up and forecast the standing of your company in the coming years. There shall be a time when one can probably think of converting it to a full-time venture. Weigh your priorities and pursue smartly.
Part time entrepreneurship is a win-win situation.There is perpetual risks of family negligence, feeling of entrapment and limitation but the feeling of security triumphs all. It is a new kind of empowering experience which provides a direction to a self-sustaining business.